ITR Form: To make it simpler for individual and non-business taxpayers to deposit tax on money received through cryptocurrencies, the CBDT has developed this new Common ITR Form Draft.
CBDT Draft Common ITR Form:
This information is useful if you are a taxpayer and file an income tax return each year. A common ITR Form Draft has been created by the Central Board of Direct Taxes (CBDT). The implementation of this standard form will make it simpler for tax depositors to file their taxes. Most attention has been placed on digital and crypto assets in this common form.
It will now be simple for Indian residents to provide information about their properties and assets overseas. In addition, Indian nationals living overseas can easily provide information on their company and other facts using this form. After the release of this form, taxpayers will be able to file their taxes with ease. By October 15th, CBDT has requested feedback on this shared ITR draft.
Giving information on the subject,
the CBDT stated that the form is the same from ITR-1 to ITR-6 and that an opinion was sought by December 15, 2022. Only the ITR-7 form is different in this. The Income Tax Department also intended to continue ITR-1 and ITR-4 along with this. This will enable elderly folks to submit the paperwork traditionally. It is important to note that the new standard form requires you to fill out more information. Additionally, it has been created with the demands of those who earn money from cryptocurrency in mind. Many fields in the CBDT’s new Common ITR Form will already be filled in. By 15 December 2022, CBDT has requested its input on this new common ITR.
The new single ITR form was introduced by the Income Tax Department to make it simpler for individual and non-business taxpayers to deposit tax on earnings from cryptocurrencies. This form requires a lot of pre-filled information. You’ll fill out the form faster if you do this. You have the option to cross-reference the data from the Income Tax Department using this form. It is available from a third party. Depending on the amount and source of their income, taxpayers file their income tax returns using a form ranging from ITR-1 to ITR-7.
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